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He named the "big advantage" of equity release was that people who have been homeowners over the last 15 years cannot have failed to of benefitted from steep increase in property prices.

The money released is not taxed and enables people to stay in their home without selling it - making it an extremely attractive proposition.

"Equity release enables you to agree a loan facility and draw money in chunks as you need it to pay for your retirement or care costs if you cannot or do not wish to rely on the local authority," said Mr Rich.